FAFT Updates Standards and Consults on Guidance to Better Promote Financial Inclusion

Excerpt:  “The Financial Action Task Force (FATF) has today updated its Standards after the February 2025 FATF Plenary approved changes to Recommendation 1 and its Interpretive Note, with corresponding amendments to Interpretive Notes to Recommendations 10 and 15, as well as related Glossary definitions to better support financial inclusion. The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. With around 1.4 billion people around the world still without a bank account, the amendments aim to better promote financial inclusion through increased focus on proportionality and simplified measures under the risk-based approach. By incentivising jurisdictions to create a more enabling environment, the amendments will provide greater confidence and assurance to financial institutions when implementing simplified measures, with a view to giving more people access and use of financial services.”